In this news, we discuss the Ivory Coast to lift suspension of Hershey cocoa sustainability schemes.
ABIDJAN (Reuters) – Cote d’Ivoire will lift a suspension of cocoa sustainability programs run by U.S. company Hershey in its territory that it imposed earlier this week, according to a letter to the chocolate maker and seen by Reuters.
Ivorian and Ghanaian cocoa regulators on Monday suspended programs, accusing Hershey of sourcing large volumes of physical cocoa from the ICE futures exchange to avoid paying a premium aimed at tackling farmer poverty, known as name of differential of living income (LID).
Hershey, maker of popular candy items such as Hershey Chocolate Bars, Hershey Kisses and Kit Kat, said he is fully involved in LID and will continue to do so.
The Ivorian regulator, the Coffee and Cocoa Council (CCC), has since held a video meeting with representatives from Hershey in which it promised to lift the suspension, according to the letter dated December 4 from the CCC to Hershey.
This decision “follows your final commitment to pay the LID”, the letter indicates.
A spokesperson for the CCC verified its authenticity.
Hershey did not immediately respond to a request for comment.
It was not clear whether Ghana’s cocoa industry regulator Cocobod would do the same. He did not immediately respond to a request for comment.
Written by Alessandra Prentice; Editing by Pravin Char
Original © Thomson Reuters